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Transformative Technologies in Real Estate: An In-Depth Analysis of Innovation and Market Evolution
Subject area: Management and Commerce · Area of research: Real Estate
Abstract
Technology has transformed conventional ways of acquiring, selling, and maintaining properties, significantly altering the real estate entrepreneurial scene. Previously reliant on manual methods and social media, the industry has shifted due to technology breakthroughs such as blockchain, online platforms, virtual and augmented reality (VR/AR), and artificial intelligence (AI). These advancements, aided by AI-powered technologies, have increased global market reach, democratized access to real estate listings, and accelerated property searches. VR/AR technology enables immersive, remote property viewings, which saves money and boosts buyer trust. Smart property management systems use the Internet of Things (IoT) to automate regular tasks such as maintenance, rent collection, and tenant communication, allowing for remote property supervision and cost savings. Blockchain has increased transaction security and transparency by using smart contracts and exact record-keeping. Data analytics and AI empower real estate investors by giving predictive insights into market trends, allowing for enhanced risk reduction and personalized investment strategies. As these technologies advance, real estate businesses will increasingly rely on them to boost efficiency, customer satisfaction, and market prospects. Entrepreneurs who capitalize on these advancements will have a significant edge in a highly competitive and ever-changing business.
How to cite this paper
@article{1706702,
author = {Ayush Rastogi, Mohit Rastogi},
title = {Transformative Technologies in Real Estate: An In-Depth Analysis of Innovation and Market Evolution},
journal = {Iconic Research And Engineering Journals},
year = {2024},
volume = {8},
number = {6},
pages = {456-460},
issn = {2456-8880},
url = {https://www.irejournals.com/formatedpaper/1706702.pdf},
abstract = {Technology has transformed conventional ways of acquiring, selling, and maintaining properties, significantly altering the real estate entrepreneurial scene. Previously reliant on manual methods and social media, the industry has shifted due to technology breakthroughs such as blockchain, online platforms, virtual and augmented reality (VR/AR), and artificial intelligence (AI). These advancements, aided by AI-powered technologies, have increased global market reach, democratized access to real estate listings, and accelerated property searches. VR/AR technology enables immersive, remote property viewings, which saves money and boosts buyer trust. Smart property management systems use the Internet of Things (IoT) to automate regular tasks such as maintenance, rent collection, and tenant communication, allowing for remote property supervision and cost savings. Blockchain has increased transaction security and transparency by using smart contracts and exact record-keeping. Data analytics and AI empower real estate investors by giving predictive insights into market trends, allowing for enhanced risk reduction and personalized investment strategies. As these technologies advance, real estate businesses will increasingly rely on them to boost efficiency, customer satisfaction, and market prospects. Entrepreneurs who capitalize on these advancements will have a significant edge in a highly competitive and ever-changing business.},
month = {December},
}